- Cardano, a popular altcoin, has shown strong momentum above $0.45, sparking expectations of a potential rally. However, some analysts predict a further price crash.
- A crypto analyst, ‘More Crypto Online’, suggests that Cardano is in its 3-wave corrective rally, according to the Elliot Wave Theory, and is due for a bearish fourth wave.
- Despite the bearish outlook, Cardano’s daily trading volume has increased by almost 17%, indicating a potential bullish trend.
Cardano’s price trajectory sparks debate among analysts, with some predicting a further crash while others point to bullish signs. The altcoin’s future hinges on the completion of the Elliot Wave Theory’s fourth wave.
Cardano’s Potential Price Crash
‘More Crypto Online’, a crypto analyst, has suggested that Cardano’s price is poised for a decline. According to the Elliot Wave Theory, which consists of five waves – three bullish and two bearish – Cardano is currently in its 3-wave corrective rally. The analyst believes that Cardano has only completed three waves so far, indicating that a bearish fourth wave is imminent. With the altcoin’s price falling below the $0.48 support, the analyst predicts a further price crash, potentially as low as $0.42, before a recovery.
Cardano’s Bullish Fifth Wave
Despite the predicted price crash, the completion of the fourth wave could pave the way for the fifth wave, which is the most bullish of all the waves. This could potentially see Cardano’s price surge past $1. However, this prediction is contingent on the completion of the fourth wave and the subsequent recovery.
Cardano’s Bullish Metrics
Despite the bearish outlook, Cardano’s metrics show signs of a bullish divergence. The altcoin’s daily trading volume has increased by almost 17% to over $286 million, indicating a resurgence of interest. This could potentially translate into a bullish trend, especially if the majority of transactions are from buyers. At the time of writing, Cardano’s price remains above $0.45, with a 1.78% increase in the last day.
Conclusion
Cardano’s price trajectory is a topic of debate among analysts, with some predicting a further crash while others point to bullish signs. The altcoin’s future hinges on the completion of the Elliot Wave Theory’s fourth wave. Despite the bearish outlook, Cardano’s metrics show signs of a bullish divergence, indicating a potential rally. As the crypto market continues to evolve, investors should keep a close eye on these developments.
